Full Stack Platform Architect/Web3 Developer. Chief of Engineering at TheArena. Founder of protocols and good vibes. @dogwifnunchucks
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Joined October 2021
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This makes me hot 🔥.
One of crypto's largest KOLs has been secretly extracting millions from his audience
We’ll expose him soon
Unfortunately, he’s just a symptom of a much bigger problem
Social trading has brought out the worst in KOLs. It was designed to keep them honest by making every trade public. In reality, the opposite happened
In just a few weeks, we exposed a number of "top social traders" using the same tricks:
• Public wallets to attract copy traders
• Side wallets to dump
• Callouts to farm rewards
• Bundled tokens to hide supply
And there are plenty more doing the exact same thing
Why? Because our industry incentivizes it
1) Launchpads allow it
Most launchpads today are obsessed with one thing: volume. Millions in callout rewards, affiliate links, and top leaderboards. Almost nothing on detecting bundles, side wallets, or shady traders. Scams drive volume. Launchpads have no reason to stop it (other than actually caring about their users)
2) Social trading incentivizes it
Side wallets have become a business model. Before social trading, only big KOLs could do it. Now, anyone who lands on a leaderboard can monetize by dumping on their copy-traders. The temptation is real
3) CT normalizes bundle culture
“Everyone bundles. It's how it's done" - an excuse we hear every time we expose a KOL. Supply control isn't the problem. Hiding it is. If it's so bullish, why hide it? Spoiler: because you're planning to sell
***
Launchpads are paying millions to dishonest KOLs. It's time they start taking it seriously
Audit the top traders. Expose their side wallets. Ban repeat offenders
We have the tools. What's missing is the willingness to use them
No one's coming to save us
DocBadTouch 💉🥷 retweeted
The strength shown in the markets is either deeply concerning or very comforting... not sure which yet. 😆
The strength shown in the markets is either deeply concerning or very comforting... not sure which yet. 😆
DocBadTouch 💉🥷 retweeted
Attention!
The Binance hacker is now dumping $PEPE, $UNI, $LINK, and other tokens on-chain for $ETH.
Please note:
The hacker still holds large amounts of the following altcoins, which could face heavy selling pressure:
217.497M $ENA ($39.51M)
7.579T $PEPE ($34.41M)
2.575M $LINK ($28.07M)
128.034K $AAVE ($15.9M)
74.56M $ARB ($11.54M)
1.938M $UNI ($12.62M)
21.852M $ONDO ($8.52M)
17.318M $WLD ($6.73M)
714.911M $FUN ($6.29M)
87.853M $ZAMA ($6.02M)
3.602M $ZRO ($5.69M)
3.382B $RSR ($5.02M)
Binance has been hacked for over $5.8B!
Of that, 1.58B $USDT and 823M $USDC (a total of $2.41B) have been frozen.
arkm.com/explorer/entity/ee2…
I genuinely do not know how they could make House of Dragons so fucking terrible.. like come on.. you have have a show about dragons and you actually made it heinously cringe.. 😆
DocBadTouch 💉🥷 retweeted
Update on the solana:JAFqCQSpy5YinrsmixWSMaD7jTn4MytJRkyWvYPnY6ea @LaunchOnPangea dev's wallets with revised numbers from yesterday's post.
This is not FUD, just facts. For the record, I have no problem with a team taking a slice and getting paid for their work. Say so and let the market price it. That is not what happened here. The solana:JAFqCQSpy5YinrsmixWSMaD7jTn4MytJRkyWvYPnY6ea DOCS disclosed no team allocation. The deployer key funded 200 wallets, bought 29.8% of the launch block on all five chains, rehearsed the exact same bundle five times the day before, and has been selling it through Robinhood and Solana in small clips ever since. Meanwhile @0xflatearth is posting about buybacks, burns and a return to fairness. The flywheel page shows 21M tokens bought back and burned. The team wallets have sold 273M. For every token the platform burned, the team sold 13. Read the posts, then read the wallets, and decide which one is telling you the truth.
Now the numbers since yesterday's post...
Correction first: the launch bundle was even worse than posted yesterday. It was 1.49B tokens across the 5 chains, not 1.2B. 1.2B was across the 4 EVM chains (40 wallets x 7.5M each, 1.2B). Solana was also in the launch slot. 3 swaps bought 288M PANGEA for about 4.9 SOL and split it into 40 wallets of 7.209M each. That takes the team's launch buy to 1,49B, 29.8% of supply, across 200 wallets. Not just the 160 tracked yesterday.
Solana launch buy, 3 swaps in one tx: solscan.io/tx/S6oGMzAKiDApqq…
Split into 7.209M wallets 2 minutes later, example: solscan.io/tx/61mQ7wNy218vCr…
EVM launch txs from yesterday: Base basescan.org/tx/0x393d3adacb… Robinhood robinhoodchain.blockscout.co… Ethereum etherscan.io/tx/0xce13256bfd… BSC block 128970880.
Where the 1,49B stands as of this post:
• Still held: 1.22B (82%)
• Sold: 273M (18%)
• All 273M went through the Robinhood and Solana pools. Zero sold into the Ethereum, Base or BSC pools.
On the 1.2B I reported yesterday, sold went from 204M to 227M. So 23M ihave been sold since the previous post. Selling slowed. What @0xflatearth did overnight instead was move tokens into brand-new wallets.
By chain:
• Ethereum: 300M held, 0 sold. 56M moved from 9 launch wallets into 3 fresh wallets. etherscan.io/tx/0x0f49064689…
• Robinhood: 281M held, 19M sold, unchanged. 44M moved into 2 fresh wallets. robinhoodchain.blockscout.co…
• Base: 7 more launch wallets bridged 52M to Robinhood overnight, 19M of it sold there already. basescan.org/tx/0xa7cf5d81ea… and the selling wallet robinhoodchain.blockscout.co…. The earlier 14 Solana bridges are now 85M sold, 20M left. 142M still on Base, 21M of it moved to fresh wallets. basescan.org/tx/0xfc7419c5bf…
• BSC: 195M held, 31M of it moved into fresh wallets. bscscan.com/tx/0xa70cb80d62c… then bscscan.com/tx/0xd2704a3b875…. The 52M bridged to Robinhood earlier is now fully sold.
• Solana (new): 245M held, 43M sold. 7 of the 40 wallets bridged to Robinhood last night and sold there. Arrival on Robinhood: layerzeroscan.com/tx/0xf2fa5…. 31 of the 40 Solana wallets have not moved.
Pattern so far: sell through Robinhood and Solana in small clips, bridge supply toward those two pools, and shuffle the rest into clean wallets with no history. Every number above is from Transfer logs and the linked txs. I have a tracker running on all 245 wallets.
Update on the @LaunchOnPangea dev's wallets, as of this post.
At launch the team acquired an undisclosed 1.2B tokens, 24% of supply, split them across 160 wallets (40 wallets per chain on Ethereum, Base, Robinhood and BSC).
Of that 1.2B: 996M is still held (83%), 204M sold (17%).
By chain:
• Ethereum: 300M held, 0 sold. All 40 wallets untouched.
• Robinhood: 281M held, 19M sold from the original 40 wallets.
• Base: 195M held in 26 wallets. The other 14 bridged 105M to Solana, where 83M has been sold and 22M remains.
• BSC: 195M held in 26 wallets. The other 14 bridged 105M out: 52M to Solana (all sold) and 52M to Robinhood (49M sold, 3M remains).
All selling to this point has gone through Solana and Robinhood in small clips of 50K to 1.4M tokens. So far it has largely been absorbed after @theunipcs bought and posted his thesis on @fomo. But the dev still hold 996M coins across the chains.
Remember when memes and trenches were fun and involved communities? Anyone down to actually be a community again or are we just going to continue padding the pockets of larps and launchpads?
Damn, this hit hard 😆.
you wanna know why crypto is just speculation and gambling now?
put yourself in the shoes of an actual dev who showed up to the space relatively early, say 2018-2020.
consider what it feels like to be someone with an elite background putting in 60-100h weeks every week, while watching people who trade full-time out earn you on a weekly basis
consider watching the other builders who take the predatory deals from VCs get rich by dumping on their community and then retiring with no consequences
consider how it feels to have your treasury get destroyed by FTX or Anchor and to be left with nothing while half the people involved just walk away
how many would still be left? 10%, 20%?
then go through the pumpfun era. watch people who launch bundled scams calling themselves "devs" and once again, out-earning you
march through multiple bear markets, do it all without rugging, and watch the protocols who fuck people over win over and over and over again
deal with the fact that everyone outside of tech assumes you are the same sort of person as the people who retired off rugs, think about how it feels to be labelled a "crypto scammer" by default if you talk about your job as one of the only people trying to actually build things
then, after all that, consider that a new, uber-fast moving industry full of new frontier tech shows up next door and sucks up all the VC funding
would you still be in "Web3"? would you still be committed To The Vision?
no, you would not. you'd either rug, or move on. and that's what everybody did.
Never forget and Never mislabel what happened that day! It was a terrorist attack and a tragedy. Even though I was young, I remember hearing the thuds and I knew it wasn't debris hitting the ground.
Its been 18 years. I am finally getting to enjoy these devilish bites of heaven again. I am so ready for the food to come.
